Contract – Promissory Note & Guaranty – Real Property – Foreclosure – Statute of Limitations – Real Party in Interest – Trusts & Estates
After defendants defaulted on their promissory note and guaranty, the plaintiff-lender foreclosed on the property securing the promissory note; however, the foreclosure was not completed because a prior deed of trust was foreclosed on. The defendant-guarantor argues the instant action is time-barred under G.S. § 1-54(6) (“Within one year an action or proceeding— . . ...
Source: nclawyersweekly.com